Steel News

According to the International Stainless Steel Forum, it is predicted that stainless steel consumption will increase by 3.6% in 2024. With the stability of interest rates and inventory levels at supply chain centers, stainless steel demand in the EU is expected to recover in the second half of 2024.1. European stainless steel market situation in 2024In 2023, the EU's stainless steel industry faced challenges with reduced production due to low demand and the impact of high inflation. However, entering 2024, experts predict positive developments and a recovery in the European steel industry.The improved macroeconomic situation is considered the main factor influencing the recovery of the European stainless steel market. The Government plans to accelerate projects on renewable energy sources, especially wind and solar energy, aiming to increase the consumption of renewable energy to at least 40% by 2030. This requires a large amount of stainless steel because their characteristics and strength ensure the safety and efficiency of the project.2. The global stainless steel industry prospered in 2024In 2023, the global stainless steel industry recovered by 2.3% and this positive signal has not stopped yet as WorldSteel predicts steel demand will continue to grow by 1.7% in 2024. The consumption of flat-rolled stainless steel is expected to grow the fastest at 5.2% compared to 2023, followed by cold rolled steel and long steel with rates of 3.2% and 3.7%. respectively. The regions predicted to have the highest stainless steel consumption are Asia (excluding China) with 5.6%, followed by the EU, Africa, and China.3. Vietnam gradually becomes a global stainless steel supplierVietnam maintained its position as the largest steel producer in Southeast Asia with 23 million tons of crude steel and 33 million tons of finished steel products of all kinds shipped in 2021. Once a country with the smallest economy in Asia, Vietnam Nam has risen to 13th position worldwide in crude steel output in 2022, exporting steel products to more than 30 countries in the region and worldwide.In 2024, Vietnam will continue to promote projects to upgrade stainless steel production systems such as Senzimir rolling machines, 1300mm wide rolling technology, advanced equipment and machinery from Tenova, Danieli,... These investment efforts have helped steel products fully meet international standards such as ASTM, JIS, BS, EN,... and design and size requirements from customers.Importing goods often takes a lot of time and effort to find sources of goods, manage the transportation process and control risks, especially high-value goods such as iron and steel. To solve the above difficult problems, many customers have chosen import support units to optimize costs and time.MRS Steel is an enterprise specializing in providing solutions for importing Vietnamese steel to many large markets such as the United States, Europe, Italy, Spain,... Owning a network connecting the largest factories in Vietnam such as Hoa Phat, Hoa Sen Steel Sheet, Nam Kim, SY Vina,... MRS Steel will bring quality goods at the best prices to importers. In particular, a team of experienced market analysis, business and supply experts will support customers throughout the entire import process, warranty commitments and resolve complaints and arising problems.From predictions about stainless steel demand in Europe in 2024, factories and importers can plan their business and development in the new context. For any questions about the Vietnamese stainless steel market, importers can contact MRS Steel via Hotline: +84 28 36 22 33 58 or Email: vanloc@mrssteel.com.vn for the most detailed advice.

Stainless steel is an indispensable material for global industry and construction. According to the International Stainless Steel Forum (ISSF), it is predicted that stainless steel consumption will increase by 3.6% by 2024. Vietnam has many advantages in stainless steel production, promising a breakthrough in stainless steel exports in 2024. 1. Stainless Steel Outlook In 2024The world economic recession, high inflation, supply chain and political issues have caused many fluctuations in the steel market in general and stainless steel in particular. After a recovery of 2.3% in 2023, WorldSteel forecasts that global steel demand will grow by 1.7% in 2024.In addition, the Bureau of International Recycling (BIR) reported that the growth of global stainless steel is expected to reach up to 4% next year. Hot-rolled flat stainless steel consumption will grow at the fastest rate of 5.2% compared to 2023, followed by cold-rolled steel and long steel with rates of 3.2% and 3.7%, respectively.The highest stainless steel consumption in 2024 is expected in Asia (excluding China) with 5.6% over the same period, followed by the EU, Africa and China.2. Stainless Steel Consumption Outlook for Asia in 2024According to The Mirror newspaper, Asia's stainless steel prices bottomed out in August and gradually recovered in September 2023, but it is still difficult to accurately predict the future situation. The report also highlights the backlog and difficulties of the stainless steel market in the fourth quarter. The cause is said to be due to the depletion of scrap sources and the macroeconomic recession leading to production stagnation. The latest data from the Indian Stainless Steel Development Association shows that domestic consumption rose nearly 10% in the most recent financial year. World average stainless steel production decreased by 5.2% in 2021 and 55.2% in 2022.3. Stainless Steel Consumption Outlook for Other Regions in 2024In the United States, the economy is gradually recovering well, sectors such as infrastructure and energy production are growing steadily. After a 2.6% decrease in 2022, US steel demand has increased again by 1.3% in 2023 and is expected to increase by 2.5% in 2024. As of the first half of 2023, the US has exported more than 267,000 tons of recycled stainless steel, up 78% over the same period in 2022.Robust increase in demand for stainless steel in industrial sectors in Mexico, India, Taiwan, and Middle East regions brings promising prospects for the global stainless steel industry.4. Strength Of Vietnamese Stainless Steel Imports In The FutureVietnam is one of the potential stainless steel import markets in Asia in particular and the world in general. In 2023, Vietnam continues to promote investment projects in modern production line systems such as Sendzimir rolling machine - 1300mm wide stainless steel cold rolling technology and machinery equipment from Tenova, Danieli,... Currently, Vietnamese stainless steel has been exported to many major markets such as the United States, Australia, India, Turkey, Europe,... fully meeting the standards international and customer wishes.With the mission of bringing the most perfect experiences to customers, MRS Steel constantly expands its network connecting the largest factories in Vietnam so that importers have the best choices. In particular, with a team of experts in market analysis, sourcing and supply chain, MRS Steel can support you from A-Z.If you have any questions or need to import quality Vietnamese steel at the best price at any time, please contact MRS Steel via Email: vanloc@mrssteel.com.vn or Whatsapp: +84 76 911 2358 for enthusiastic consultation.